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Wednesday, 02 March 16
OIL MY GOD.....!!!!
 OIL my GOD….!!!!
The oil price “crash” that started in 2014 was caused by a glut of practically unwanted oil. Producers had been providing the world with about 2million barrels a day more than what demand supported.
Today oil is trading at its 12 year low, 70% down today since mid-2014. Low oil prices might be welcome by consumers and businesses, but economies, financial markets, oil and gas producers, are not on the same side of the table. We feel the need to focus on the present OPEC talks about a possible cut back in production so to lift prices off the low levels of today. Last week, Saudi Arabia and Russia the world’s biggest oil producers joined Venezuela, Kuwait and Qatar in an agreement to cap output. As per talks, all countries agree to cut back their respective production, with the prerequisite that this will be a unanimous decision by all.
It is very uncertain if Iran would participate in such decision, as finally being in a post-sanctions era, the country will try to regain market share and that will surely involve growing production. True expectation from this action is to find a better equilibrium and to match supply with demand as today supply still exceeds demand and record global oil stockpiles continue to mount. A production freeze would not create an immediate price shock, however if an agreement comes into place soon, we should see oil prices correcting upwards sometime in the 2nd half of this year.
Moving on to our industry, it is no secret that tankers have been enjoying great rates because of increased oil demand, while they have been also benefiting from low bunker prices. Bulkers, despite suffering severely due to low freights, have pretty much found a lifejacket in the form of low bunker costs, although –something that is not often said - slow steaming is no longer slow, which in itself has been weighing down on rates.
Although the effects of low oil prices on both tankers and bulkers have been widely discussed, little has been said for the positive effects that the Passenger and Ro-Pax sectors have been enjoying. About two years ago, bunker expenses where accounting for more than 65% of their voyage operating costs. Today that bunkers have been reduced by 70%, these costs represent about 20% of the present voyage costs.
Needless to say that currently and without taking into consideration any increase in demand for their services nor any increase in car/truck and passenger traffic, these ships have had a significant improvement in their generated net profits. On top of that, there is a lack of tonnage available particularly in the 110-130m LOA size and also in the 2,000-2,500 passenger capacity and 2,000-3,000 lane meter garage space. Not many ships were built post 2000 as prevailing bunker prices then made operation of these ships marginally profitable or non-profitable at all. Values of existing ships have increased, as the cash flow generated is attractive and lacking any replacement candidates.
To put it simply; the cost of replacement is practically the cost of building a new ship! All these factors have boomed the Ro-Pax business both domestically here in Greece as well as internationally and the prospects for this niche market seem very positive for the future times ahead. Interest is there to invest and also to build new ships based on LNG fueled and other innovative ship design developments.
By John N. Cotzias
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 04 April 16
INDONESIA CS57 COAL INDEX SLIDES SLIGHTLY WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.07 percent week over week to averaging $38.88 per ton on this past Friday, ac ...
Monday, 04 April 16
CAPE INDEX JUMPED 70% WEEK ON WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 01 April 16
ASSESSING THE DRY BULK MARKET AT ROCK BOTTOM - CLARKSONS
While the opening months of the year are typically a weak period for the dry bulk market, the downturn so far this year has been severe. Earnings h ...
Friday, 01 April 16
NINE AM - TIME TO GET AN INDONESIAN LANGUAGE VERSION OF YOUR CHARTERPARTIES - CLYDE & CO
KNOWLEDGE TO ELEVATE
For several years, Indonesian law (Article 31, Law Number 24 of 2009) has required that memoranda of understanding (" ...
Friday, 01 April 16
U.S. COAL PRODUCTION UP SLIGHTLY WEEK OVER WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.6 million shor ...
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- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- The University of Queensland
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Planning Commission, India
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Australian Coal Association
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
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